Real Estate Chamber Studies Mechanism for Developers’ Participation in Social Housing

Real Estate Chamber Studies Mechanism for Developers’ Participation in Social Housing

The Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) is considering the mechanism of private real estate compnaies’ participation in the development of low and middle-income housing projects, Invest-Gate reports.

This comes as a response to the request of the Ministry of Housing to submit proposals in this regard.

The chamber chairman Tarek Shokry said in press statement on May 20 that officals from the World Bank (WB), the Housing Ministry and the chamber met last week to discuss the possibility of  private sector’s participation in the development of low and middle-income housing projects.

Shokry notes that the World Bank provides USD 500 mn fund for about 125,000 social housing units to be implemented by the Ministry of Housing within five years.

He explained that the chamber received proposals from a group of companies which expressed a desire to participate in the development of this type of projects, and the chamber prepares a memorandum of proposals to be submitted the Ministry of Housing.

He elaborated that middle-income housing is witnessing a great demand, yet developers do not develop such types of projects due to the high price of lands.

In March, Minister of Housing, Utilities, and Urban Development Assem El Gazzar discussed in a meeting with a World Bank delegation, in the presence of a number of real estate developers, the possibility for launching new mechanisms to allow developers to execute social housing projects and other projects implemented by the New Urban Communities Authority (NUCA).

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register